George Selgin, Discover and Read the Best of Twitter Threads by @GeorgeSelgin

George Selgin

GeorgeSelgin

I think MMTs have to make up their mind on this. Either money-financed fiscal expansion increases total spending or it doesn't. Either there's a real resource constraint that eventually becomes

Thread: 3 wrong theories of bank money creation: (1) An ordinary bank must wait for reserves (deposits) to come its way in order to make loans; if they seem to

Like @JeffBooth, I believe the rate of inflation should be low (if not negative) when productivity growth is high. But the current crisis is a negative productivity shock if there

Thread: I consider a return to a gold standard neither desirable nor possible. But like too many who also reject the idea, Michael Hiltzik @hiltzikm is long on contempt for

Thread: It's tempting to think that Carl Menger's famous theory of how money can spontaneously emerge from a state of barter supplies a basis by which BTC might displace the

(Private currency history, thread #4: Canada's private currency system.) If you consider the black line on the chart (https://twitter.com/GeorgeSelgin/status/1274702423412654081?s=20) w/ which I ended my last thread (https://twitter.com

Addendum to threat #1: concerning market-based vs. regulatory sources of order in currency systems.https://twitter.com/GeorgeSelgin/status/1274367944802385926 I realize that before I move on to discuss the pre-Fed National Currency system,

OK, my first thread on misconceptions about the history of bank-issued paper currency, motivated by claims that history shows that the private market can't be entrusted with supplying currency of

Folks, I don't wish to be perceived as arguing that zero banking oversight is ideal, or that any U.S. state ever practiced it. Nor do I claim any other nation

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